PUNJAB NATIONAL BANK vs PHUNGTON SHAIZA on 4 April 2026

**FINAL ORDER**

This original application has been filed by the applicant bank on 02.03.2019 before DRT-III, Delhi & then transferred to DRT-I Delhi under Section 19 of Recovery of Debts Due to Banks and Financial Institutions Act, 1993 against the defendants for recovery of a sum of Rs.59,19,909/- (Rupees Fifty Nine Lacs Nineteen Thousand Nine Hundred Nine only) as on 28.02.2019 together with pendentelite and future interest @10.75% per annum with monthly rests from the date of filing of this O.A. till the date of realization along with costs.

2. The brief facts of the case are that at the request of defendant no.1 vide loan application dated 14.09.2016 along with Letter of Allotment dated 25.08.2016 issued by defendant no.3, the applicant bank sanctioned housing loan of Rs.56.88 Lacs (Rupees Fifty Six Lacs Eighty Eight Thousand only) on 21.09.2016 @9.40% interest per annum which was to be repayable in 180 Equated Monthly Installments of Rs.59,052.76 in order to purchase under construction Flat No.503-B, 5^th Floor, Tower Gopala (T-1), Dwaarika Heights, Village Ghat, NH-58, Meerut, UP to be developed and constructed by defendant no.3 which was dealing in real estate and developing housing complex and various other construction activities. The *Sd-*

defendant no.2 stood as guarantor for the credit facility sanctioned to defendant no.1 by the applicant bank.

3. That in order to avail housing loan facility, the defendant no.1 submitted housing loan application dated 14.09.2016 and executed Acceptance for terms and conditions of Sanction, Consent Letter, Agreement for Housing Loan, Affidavit, Power of Attorney as well as Agreement of Guarantee by defendant no.2 and No objection for Mortgage by defendant no.3 on 21.09.2016. The defendants also executed Tripartite Agreement with the applicant bank on 21.09.2016.

4. That in order to secure the credit facility, the defendants submitted Letter of Allotment dated 25.08.2016 and Tripartite Agreement dated 21.09.2016 with applicant bank and loan was to be proposed to be secured by mortgage of after completion of flat but defendant no.3 neither delivered the possession of the flat to the borrower nor delivered the conveyance deed to create equitable mortgage in terms of agreement between the applicant bank and defendants.

5. As per Tripartite Agreement dated 21.09.2016, the defendant no.1 authorized the applicant bank to pay loan amount directly to defendant no.3 and applicant bank shall have lien over the said flat being constructed. In the event of cancellation of allotment letter issued by the defendant no.3 due to any reason, the defendant no.3 shall refund the amount to the applicant bank after retaining the amounts due to them from the defendant no.1.

6. It has been submitted by the applicant bank that after availing the housing loan facility, the defendants neglected to comply with the terms and conditions of the loan agreement Sd- and failed to adhere to the financial discipline even failed to make the payment thus committed breach of terms of sanction and regularize the account with applicant bank. The applicant bank issued reminders/ notices and final recall notice dated 28.02.2019 and account became irregular and was classified as NPA on 30.09.2018 as per RBI guidelines. The defendants admitted their liability, also deposited amount in the account but neglected to clear the outstanding, hence the applicant bank has approached this Tribunal for recovery of their dues.

7. Notices of this O.A. were issued to the defendants and despite proper service, the defendants have chosen to absent from the proceedings and none appeared on behalf of defendants. As per order dated 22.01.2020, the defendants have been proceeded ex-parte as none appeared before the tribunal and no written statement, evidence and affidavit of assets have been filed by the defendants. None appeared on behalf of defendant no.3 and there is no matter is pending before any superior court.

8. In order to prove its case, the applicant bank has filed its evidence by way of affidavit of Shri Lukman Singh Deshmukh, authorized representative of the applicant bank who has proved the documents such as Power of Attorney, Loan Application Form, Agreement of Guarantee, Sanction Letter, Acceptance for Terms & Conditions of Sanction, Consent Letter, Agreement for Housing Loan, Affidavit, Agreement of Guarantee, Power of Attorney, Tripartite Agreement, No Objection for Mortgage of Property, Letter of Allotment, Recall Notice, Certificate under Section 2A(b) of the Banker's Book Evidence Act and Certificate under Section 65B(2) of the Indian Evidence Act marked as Ex.AW 1/1 to Ex.AW 1/15.

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9. The applicant bank has fully corroborated the averments made in the O.A. Even otherwise the whole case of the applicant bank is based on the documents and the same have been duly proved.

10. The case filed by the applicant bank gone unrebutted and there is no question of disbelieving the case of the applicant bank and the applicant bank has proved its case beyond reasonable doubts.

11. In the light of the above discussions, the Original Application deserves to be allowed.

ORDER

I, allow this OA and direct the defendants, jointly or severally, to pay to the applicant bank within 30 days, a sum of Rs.59,19,909/- (Rupees Fifty Nine Lacs Nineteen Thousand Nine Hundred Nine only) as on 28.02.2019 along with pendentelite and future interest @10.75% per annum with monthly rests and costs from the date of filing of this O.A. till the date of realization, failing which the aforesaid amount shall be recovered from sale of property bearing Flat No.503-B, 5^th Floor, Tower Gopala (T-1), Dwaarika Heights, Village Ghat, NH-58, Meerut, UP. In case of shortfall, the same shall be recovered from the sale of moveable and immovable property of the defendants.

(II) The recovery certificate be issued forthwith and be sent to the Recovery Officer, Debt Recovery Tribunal-I, Delhi.

(III) Parties are directed to appear before the Recovery Officer, DRT I, Delhi on 03.06.2026.

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(IV) Copies of final order as well as Recovery Certificate be sent to all concerned free of cost.

*Sd - 17/2/26* **(GOVIND BALLABH SHARMA)** **PRESIDING OFFICER** **DRT-I, DELHI**

(Dictated & pronounced in open court) Dated: 04.04.2026